Georgia

It’s definitely been a hot, steamy fall so far — and I’m not just talking about the political climate in the election battleground! It’s well known that uncertainty causes people to hesitate on major life changes or big purchases. The good news? We’re (hopefully) nearing the end of this period of hesitation.

Georgia has faced an extreme lack of inventory over the past few years; but this year brought a significant shift: inventory surged 52% since Q3 of last year, reaching 3.8 months of supply. Despite a more balanced market and continued population growth, buyers aren’t pulling the trigger. I believe this is largely due to the political uncertainty mentioned above, along with anticipation for lower interest rates. The result is a sluggish market with the lowest number of closings in decades.

The silver lining is that Georgia’s fundamentals remain strong. Our population has grown by 1% to 3% annually every year since 1954 (with more than 5.6% growth in 2000) and shows no signs of slowing. Even with robust demand, Georgia’s average home price remains well below the national median.

Actionable Advice for Georgia Agents

• Get ready for an uptick.
  We’ve had a fairly dismal Q3, but the election is over, and we are already seeing signs of an uptick in many areas.
• Build relationships outside your market.
  Georgia continues to grow steadily, has a strong economy, and is still a housing bargain compared to many states. Build relationships with agents from out-of-state who can send you referrals.
• Encourage those who are waiting to take action.
  A balanced market with strong fundamentals benefits both buyers and sellers. Buyers have options and solid appreciation potential, while most sellers can realize significant gains.
• Invest in Marketing and Lead Generation.
  A good marketing strategy drives your business. Try new tools, paying attention to effectiveness and ROI.
• Be clear and confident about your value.
  Regularly review your listing and buyer checklists. Knowing the value you provide helps you confidently communicate your services to clients.

Congratulations on making it through a challenging year in a battleground state! I’m optimistic that we’ll see transaction activity pick up in 2025. How are you feeling about it? What steps are you planning to take to build your business in the new year? I’d love to hear your thoughts.

Happy holidays to you and yours!